XCNY vs. IEMG

Last updated Jun 6, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and IEMG (iShares Core MSCI Emerging Markets ETF) are both Emerging Markets Diversified funds - XCNY tracks the S&P Emerging ex-China BMI while IEMG tracks the MSCI Emerging Markets Investable Market Index (USD) (Net). Both are passively managed. Over the past year, XCNY returned 30.73% vs 39.01% for IEMG. Their correlation of 0.86 suggests significant overlap in exposure. XCNY charges 0.15%/yr vs 0.09%/yr for IEMG.

Performance

XCNY vs. IEMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) and iShares Core MSCI Emerging Markets ETF (IEMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNY achieves a 14.37% return, which is significantly lower than IEMG's 16.97% return.

XCNY

• 1D: -4.45%
• 1M: -3.03%
• YTD: 14.37%
• 6M: 17.01%
• 1Y: 30.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IEMG

• 1D: -6.40%
• 1M: -4.75%
• YTD: 16.97%
• 6M: 18.63%
• 1Y: 39.01%
• 3Y*: 20.12%
• 5Y*: 5.95%
• 10Y*: 9.39%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XCNY vs. IEMG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	14.37%	20.42%	-3.51%
IEMG iShares Core MSCI Emerging Markets ETF	16.97%	32.56%	-0.26%

Correlation

The correlation between XCNY and IEMG is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.86

The correlation between XCNY and IEMG has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

XCNY vs. IEMG - Sectors Allocation Comparison

Sectors	XCNY	IEMG
Technology	36.1%	35.0%
Financial Services	21.7%	18.4%
Basic Materials	8.7%	6.9%
Industrials	7.7%	9.0%
Consumer Cyclical	5.6%	9.5%
Energy	4.9%	3.8%
Consumer Defensive	3.6%	3.3%
Communication Services	3.5%	6.4%
Utilities	3.3%	2.2%
Healthcare	2.7%	3.7%
Real Estate	2.3%	1.7%

Return for Risk

XCNY vs. IEMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XCNY

XCNY Risk / Return Rank: 57
XCNY Sharpe Ratio Rank: 57
XCNY Sortino Ratio Rank: 56
XCNY Omega Ratio Rank: 59
XCNY Calmar Ratio Rank: 56
XCNY Martin Ratio Rank: 59

IEMG

IEMG Risk / Return Rank: 59
IEMG Sharpe Ratio Rank: 58
IEMG Sortino Ratio Rank: 52
IEMG Omega Ratio Rank: 61
IEMG Calmar Ratio Rank: 61
IEMG Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XCNY vs. IEMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) and iShares Core MSCI Emerging Markets ETF (IEMG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	XCNY	IEMG	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.91	-0.12
Sortino ratio: Return per unit of downside risk	2.47	2.49	-0.02
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	2.60	2.97	-0.36
Martin ratio: Return relative to average drawdown	9.94	11.26	-1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. IEMG - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.79, which is comparable to the IEMG Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of XCNY and IEMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XCNY	IEMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.91	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.32	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.32	+0.67

Drawdowns

XCNY vs. IEMG - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum IEMG drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for XCNY and IEMG.

Drawdown Indicators

	XCNY	IEMG	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-38.71%	+19.01%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-13.21%	+1.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.71%	—
Current Drawdown Current decline from peak	-5.49%	-8.56%	+3.07%
Average Drawdown Average peak-to-trough decline	-4.14%	-12.97%	+8.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	3.47%	-0.37%

Volatility

XCNY vs. IEMG - Volatility Comparison

The current volatility for SPDR S&P Emerging Markets ex-China ETF (XCNY) is 7.62%, while iShares Core MSCI Emerging Markets ETF (IEMG) has a volatility of 10.23%. This indicates that XCNY experiences smaller price fluctuations and is considered to be less risky than IEMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	IEMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	10.23%	-2.61%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	18.28%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	20.52%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	18.60%	-0.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	20.13%	-2.09%

XCNY vs. IEMG - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is higher than IEMG's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCNY vs. IEMG - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.35%, which matches IEMG's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEMG iShares Core MSCI Emerging Markets ETF	2.35%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.35%	2.68%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCNY and IEMG in my portfolio?

XCNY and IEMG have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or IEMG?

IEMG has higher volatility (10.23%) compared to XCNY (7.62%). In terms of maximum drawdown, XCNY dropped -19.70% vs IEMG's -38.71%.

Which ETF is better, XCNY or IEMG?

On 1-year performance, IEMG leads with 39.01% vs 30.73% for XCNY. On fees, IEMG is cheaper at 0.09% per year. On volatility, XCNY has been the lower-risk option at 7.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or IEMG?

Over the 1-year period, IEMG has performed better with a 39.01% return vs 30.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or IEMG?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.15% for XCNY.

Which ETF pays a higher dividend yield, XCNY or IEMG?

XCNY and IEMG have nearly identical dividend yields, around 2.35%.

What is the main difference between XCNY and IEMG?

XCNY tracks S&P Emerging ex-China BMI, while IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.15% for XCNY and 0.09% for IEMG.

Which has better risk-adjusted returns?

IEMG currently has the higher Sharpe Ratio (1.91 vs 1.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.